United Kingdom
P&I Portal

Standard Club

The Standard Steamship Owners’ P&I Association (Bermuda) Limited
12/13 Essex Street, London WC2R 3AA, UK
standard-Club.com t +44 (0)20 3320 8888

2017 report overview

  • Reported a combined ratio of 95% for the 16/17 PY
  • Increase in free reserves from USD 390 million to USD 430 million
  • The Board decided to return 5% of premium of the 2016/17 policy year
  • Gross tonnage increased by 9% to 150 million
  • The release call for this year currently stands at 6% and the previous open years at 0%, one of the lowest in the Group.
  • Investment return of 3%

Aon’s comment

The Club has enjoyed a good year with Free Reserves increasing by USD 9,800 to a high of USD 390,100,000.

Given the abundance of riches, the club has been instructed by the Board to give a return of premium within the current year of 5% upon renewal. This will be credited at 20 February 2017 against that year’s premium.

The club followed Skuld into the Lloyd’s market and like them has struggled to post positive returns. That is not unexpected with a new start-up and indeed the business plan forecast these losses. The delayed start-up and the hugely competitive environment has seen those losses escalate, but the syndicate is receiving good support and better times lay ahead.

Free Reserves against premium income are at 110%.

Entered GT by vessel type

Entered GT by vessel type
Number of ships (owned entries only)
2016 2015 2014
8,567 8,340 8,743
Total owned entered GT
2016 2015 2014
116,300,000 111,500,000 108,500,000
Total chartered GT
2016 2015 2014
22,100,000 23,500,000 22,500,000
Total MOU chartered GT
2016 2015 2014
7,750,000 7,500,000 7,500,000

Entered GT by region

Entered GT by region

Income Statement (year ending February) USD 000s

  2016 2015
Income Calls and premiums 354,300 354,000
Excess Calls 0 0
Reinsurance Premiums -90,100 -92,000
Total Income 264,200 262,000
Expenditure Net claims incurred -206,900 -233,800
Net operating expenses -39,600 -28,600
Total expenditure -246,500 -262,400
Underwriting result pre investment/other financial income and tax 17,700 -400
Investment/other financial income -9,000 12,300
Tax/interest charged 1,100 -100
Overall result 9,800 11,800
Free reserves 390,100 380,300

Breakdown of investment by type

Breakdown of investment by type
S&P Rating Current Rating Jun-16
Rating A A
Outlook Stable Stable
Type of rating Interactive Interactive
Policy Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
General Increase % 5.0 15.0 15.0 3.0 3.5 5.0 7.5 12.5 2.5 0.0
Supplementary Call Record % 0/0 0/0 0/0 0/0 0/0 0/0 0/0 0/0 0/-5 0/0

Release Call Percentage - as at May 2017

2015 2016 2017
0% 0% 0%